ISLAMABAD: Islamabad Stock Exchange (ISE-10) on Tuesday witnessed a bearish trend as the index fell to 25.82 points to close at 2,648.40 against the closing a day earlier.
Senior Analyst, First National Equity Pvt Ltd, M.M Hassan said that the technical correction was witnessed because of consecutive bullish trend in local stock markets.
He said the shares of Fauji Fertilizer Corporation (FFC) were the most traded in the market because of Engro's urea price hike of Rs. 202 per 50 kilogram of bag (including GST), FFC had also increased its prices effective from October 11, 2011.
He said that any news coming positive with regard to much awaited Capital Gain Tax (CGT) exemption would boost sentiments more bullish in future.
Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the local market was under pressure because of profit- taking on major counters.
He said that the institutions had off-loaded major positions to book the profits at upper level of the index.
He added that despite this, highly leveraged companies and oil based stocks performed better on Tuesday.
According to Data released by National Clearing Company of Pakistan Limited (NCCPL), Foreign Investors Portfolio Investment (FIPI) has sold the shares in the market worth $0.526 million while Local Investors Portfolio Investment (LIPI) remained net buyers in the local markets today (Tuesday).
Total shares traded were 336,585, which was up by 142,385 as compared to previous day's trading.
Out of 123 companies, the prices of 43 were increased while the price of 80 decreased.
The price of top gainer National Refinery was increased by Rs8.32 while the price top loser Unilever Pakistan decreased by Rs60.51.
Lotte Pakistan PTA, Bank of Punjab (BOP) and Fauj Fertilizer Bin Qasim (FFBL) remained volume leaders on Tuesday, with volume of 137,900, 73,001 and 70,000 shares respectively.
Copyright APP (Associated Press of Pakistan), 2011
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